Biogen To Investors: Don’t Rely On Guidance

After an early rally, stocks are lower midday.
A weaker-than-expected jobs report gave traders the green light to bid up
stocks, assuming weaker employment would mean more favorable monetary policy.
The market fell, however, on a higher wholesale prices report.

Nonfarm payrolls rose 110K, about half of the expected 225K and the weakest
report since July. The unemployment rate was 5.2%, slightly better than
expected. The February number was revised to 243K from 262K. University of
Michigan consumer sentiment was 92.6 for March vs. 94.1 in February. ISM for
March was 55.2, from 55.3 in February. Construction spending was +0.4% vs the
0.6% consensus.

Best Buy
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in line. The report was delayed.

Taser
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expects sales of $10 million in Q1 vs. $13.6 million previously forecast. The
company blames “significant adverse publicity.”

Biogen
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on February 7, before the company suspended sales of Tysabri.

The average price of an apartment in Manhattan topped $1.21 million–26%
higher than a year ago; this, according to the Prudential Douglas Elliman
Manhattan Market Overview.

Ford’s March car sales fell 1.7%, Daimler Chrysler posted an 8% gain.

Strong sectors are:    Natural Gas
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+1.41%   Oil
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(
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Weak sectors are:  Insurance
(
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Airlines
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-0.85%

Stocks in the News

Palmsource
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forecast a smaller loss than previously expected.

Medicis
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positive article in Barron’s Online.

Cognos
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the company sign a multi-year agreement with Amazon.com. UBS upgraded the stock
to ‘buy’ from ‘neutral.’

Carl Icahn plans to increase his stake in Hollywood Entertainment
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Seprecor
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Lunesta in a few days.

Red Hat’s
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buyback program.

Alopharma
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PowerRating) missed by 0.04 and guided lower.